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Five Nuveen Closed-End Funds Declare Distributions


Nuveen Nasdaq 100 Dynamic Overwrite Fund (QQQX), Nuveen S&P 500 Dynamic Overwrite Fund (SPXX), Nuveen Dow 30℠ Dynamic Overwrite Fund (DIAX), Nuveen S&P 500 Buy-Write Income Fund (BXMX) and Nuveen Real Estate Income Fund (JRS) have declared their regular quarterly distributions. These funds represents five of several Nuveen investment strategies designed for investors seeking diversified sources of cash flow to prepare for and sustain their retirement income and other cash flow needs. Information regarding each fund’s last 19(a) Quarterly Distribution Notice (as of December 21, 2018) is also included below. This informational notice provides further details on the sources of fund distributions. The full text of this notice is also available on the Nuveen website via Distribution Source Estimates. For further information regarding fund distributions including earnings, undistributed net investment income, and notices please visit www.nuveen.com/cef.

The following dates apply to today's declarations:
Record Date March 15, 2019
Ex-Dividend Date March 14, 2019
Payable Date April 1, 2019
      Quarterly Distribution Per Share
  Change From



Fund Name

Amount   Previous Quarter

Covered Call

QQQX NASDAQ Nuveen NASDAQ 100 Dynamic Overwrite Fund $.3900 -$.0300
SPXX NYSE Nuveen S&P 500 Dynamic Overwrite Fund $.2650 -$.0150
DIAX NYSE Nuveen Dow 30℠ Dynamic Overwrite Fund


BXMX NYSE Nuveen S&P 500 Buy-Write Income Fund $.2325 -$.0125

Real Assets

JRS NYSE Nuveen Real Estate Income Fund $.1900 -$.0150

Quarterly Managed Distributions

The goal of each fund’s managed distribution program is to provide shareholders relatively consistent and predictable cash flow by systematically converting expected long-term return potential into regular distributions. Historical distribution sources have included net investment income, realized gains and return of capital. If a distribution includes anything other than net investment income, the fund provides a notice of the best estimate of its distribution sources at that time which may be viewed at www.nuveen.com/CEFdistributions. These estimates may not match the final tax characterization contained in shareholders’ 1099-DIV forms after the end of the year.

Under a Managed Distribution policy, Nuveen closed-end funds seek to maintain a stable regular distribution amount that, over the long term, matches the fund’s total distributions paid to its total return. Investors should not draw any conclusions about a fund’s past or future investment performance from its current distribution rate or from the terms of its Managed Distribution Policy.

  • Actual returns likely will differ from projected long-term returns, (and therefore a fund’s distribution rate, also), at least over shorter time periods. Over a specific timeframe, a fund’s net asset value will increase (if returns exceed distributions), or decrease (if distributions exceed returns), by the difference between actual returns and total distributions.
  • A return of capital is a non-taxable distribution of a portion of the fund’s capital. When a fund’s returns exceed distributions, return of capital may represent portfolio gains earned, but not realized as a taxable capital gain. In periods when a fund’s returns fall short of distributions, it will represent a portion of the investors’ original principal unless the shortfall is offset during other time periods over the life of the investment (previous or subsequent) when the fund’s total return exceeds distributions.
  • For additional information about managed distributions, please see Understanding Managed Distributions.

The following tables provide estimates of each fund’s distribution sources, reflecting year-to-date cumulative experience through the month-end prior to the latest distribution. The funds attribute these estimates equally to each regular distribution throughout the year. Consequently, the estimated information as of the specified month-end shown below is for the current distribution, and also represents an updated estimate for all prior months in the year. For all of the funds, it is estimated that the funds have distributed more than their income and net realized capital gains; therefore, a portion of their distributions may be (and is shown below as being estimated to be) a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income.”

The amounts and sources of distributions reported in this 19(a) Notice are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon each Fund’s investment experience during the remainder of the fiscal year and may be subject to changes based on tax regulations. Each Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report distributions for federal income tax purposes. More details about each Fund’s distributions and the basis for these estimates are available on www.nuveen.com/cef.


Data as of 11/30/2018

  Current Quarter       Fiscal YTD       Estimated Percentages
  Estimated Sources of Distribution 1   Estimated Sources of Distribution 1 of Distribution 1
Per Share   LT   ST   Return of Per Share   LT   ST   Return of   LT   ST   Return of
Distribution NII Gains Gains Capital Distribution NII Gains Gains Capital NII Gains Gains Capital
JRS (FYE 12/31) .2050 .0733 .1066 .0000 .0252 .8450 .3020 .4392 .0000 .1038 35.7% 52.0% 0.0% 12.3%
QQQX (FYE 12/31) .4200 .0151 .3291 .0000 .0758 1.6800 .0604 1.3165 .0000 .3031 3.6% 78.4% 0.0% 18.0%
SPXX (FYE 12/31) .2800 .0444 .1371 .0000 .0985 1.1200 .1777 .5483 .0000 .3940 15.9% 49.0% 0.0% 35.2%
BXMX (FYE 12/31) .2450 .0384 .0697 .0000 .1369 .9800 .1537 .2786 .0000 .5477 15.7% 28.4% 0.0% 55.9%
DIAX (FYE 12/31) .3100 .0690 .0952 .0000 .1458 1.2400 .2759 .3808 .0000 .5833 22.3% 30.7% 0.0% 47.0%
1 Net investment income (NII) is a projection through the end of the current calendar quarter using actual data through the stated month-end date above. Capital gain amounts are as of the stated date above. JRS owns REIT securities which attribute their distributions to various sources including NII, gains, and return of capital. The estimated per share sources above include an allocation of the NII based on prior year attributions which can be expected to differ from the actual final attributions for the current year.

The following table provides information regarding each fund’s distributions and total return performance over various time periods. This information is intended to help you better understand whether returns for the specified time periods were sufficient to meet distributions.


Data as of 11/30/2018

Fiscal Annualized Cumulative
Quarterly YTD 5-Year   Fiscal YTD Fiscal YTD   Fiscal YTD
Inception Dist Dist NAV Return on NAV Dist Rate on NAV1 Return on NAV Dist Rate on NAV1
JRS (FYE 12/31) Nov 2001 .2050 .8450 10.56 10.18% 8.00% -1.16% 8.00%
QQQX (FYE 12/31) Jan 2007 .4200 1.6800 22.52 11.74% 7.46% 4.07% 7.46%
SPXX (FYE 12/31) Nov 2005 .2800 1.1200 16.03 7.30% 6.99% 2.47% 6.99%
BXMX (FYE 12/31) Oct 2004 .2450 .9800 13.67 6.93% 7.17% 0.43% 7.17%
DIAX (FYE 12/31) Apr 2005 .3100 1.2400 18.67 9.32% 6.64% 3.05% 6.64%
1 As a percentage of 11/30/2018 NAV.

For more general closed-end fund information and education, please visit Nuveen’s closed-end fund website.

Nuveen, the investment manager of TIAA, offers a comprehensive range of outcome-focused investment solutions designed to secure the long-term financial goals of institutional and individual investors. Nuveen has $930 billion in assets under management as of 12/31/18 and operations in 16 countries. Its affiliates offer deep expertise across a comprehensive range of traditional and alternative investments through a wide array of vehicles and customized strategies. For more information, please visit www.nuveen.com.

The information contained on the Nuveen website is not a part of this press release. Nuveen Securities, LLC, member FINRA and SIPC.

Nuveen does not provide tax advice; consult a professional tax advisor regarding your specific tax situation. Income may be subject to state and local taxes, as well as the federal alternative minimum tax.


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